We are seeing such high demand for rented property in Bingham and it seems to be mirrored across the UK. After talking to fellow franchise owners it seems all parts of the country are seeing unprecedented demand for rental homes.
It got me thinking about the numbers. Looking at the figures from the Office for National Statistics (ONS) relating to families and household numbers in the UK, it showed some interesting results.
The total number of families in the UK is just under 19 million, of that 12 ½ million are married couples.
If you compare the figures from 1996 to those for 2015 - Numbers of married couples with children has decreased by 10% since 1996 but the numbers of married couples without children has increased by 4.6% over the same time period.
Interestingly the numbers of co-habiting couples with children is currently just over 3 million, and this number has increased by 130 % since 1996. The number of co-habiting couples without children has increased by 105%.
The number of lone parent families is currently sitting around the 3 million mark and has seen a 23% increase in numbers since 1996.
The growth in the numbers of families is mainly in the co-habiting couples – in my opinion are the most likely to be renting; typically early on in a relationship and not in a position to secure a mortgage. The number of lone parent families has also seen an increase. Rental properties can provide accessible housing for those going through a change in circumstances and there needs to be good quality rental property available.
We are seeing the low levels of house building across England, in the year to June 2016 there were just under 140,000 finished new build houses. The ONS state if the number of households in England grows to 24.3 million in 2021 as projected, this would be equivalent to an additional 221,000 households per year. We really need to see some more house building or we the current housing market crisis will continue.
In my opinion it illustrates the national problem we are seeing with the housing market and the struggle families are going to have until something changes. The only way to relieve the pressure on the existing rental market stock is to build more houses. Until we do rents will keep on increasing and there will be big competition for each new listing.
If you are considering investing in rental property in the Bingham and the surrounding areas please follow my property blog for honest advice on potential rental returns.